{"id":263,"date":"2024-06-27T14:30:05","date_gmt":"2024-06-27T11:30:05","guid":{"rendered":"https:\/\/shazamcasinonodepositbonuscodes.icu\/2024\/06\/27\/pointsbet-shareholders-approve-sale-of-us-operations-to-fanatics-betting-and-gaming\/"},"modified":"2024-06-27T14:30:05","modified_gmt":"2024-06-27T11:30:05","slug":"pointsbet-shareholders-approve-sale-of-us-operations-to-fanatics-betting-and-gaming","status":"publish","type":"post","link":"https:\/\/shazamcasinonodepositbonuscodes.icu\/2024\/06\/27\/pointsbet-shareholders-approve-sale-of-us-operations-to-fanatics-betting-and-gaming\/","title":{"rendered":"PointsBet Shareholders Approve Sale of US Operations to Fanatics Betting and Gaming"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/R_6Inpy9Bc8\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Stockholders of PointsBet have decisively voted to sell their American operations to Fanatics Betting and Gaming (FBG).<\/p>\n<p>The vote occurred on June 30th, with a remarkable 99.16% of shareholders in favor of the agreement, and only a small fraction, 0.84%, opposed.  <\/p>\n<p>The PointsBet board of directors had already endorsed the deal and urged stockholders to do the same.<\/p>\n<p>This vote marks the beginning of the next stage of the sales process.  However, neither PointsBet nor FBG has provided a specific date for when the transaction will be completed.<\/p>\n<p>**A More Lucrative Offer**<\/p>\n<p>FBG, a subsidiary of the sports behemoth Fanatics, presented a significantly more attractive offer this week, valued at $225 million.<\/p>\n<p>FBG had previously agreed to acquire PointsBet&#8217;s US operations for $150 million back in May.<\/p>\n<p>But then, DraftKings entered the picture and proposed a higher price of $195 million. PointsBet indicated they would engage in discussions with DraftKings because they believed this could be a more advantageous deal.<\/p>\n<p>After FBG submitted their enhanced offer, DraftKings decided to withdraw from the agreement.<\/p>\n<p>FBG is extremely pleased with the outcome of the vote. <\/p>\n<p>FBG is **thrilled** with the voting outcomes, stating that investors selected to endorse the proposition.<\/p>\n<p>An FBG representative stated in a declaration that this is a **pivotal** moment, adding, &#8220;We definitively concluded this transaction and anticipate collaborating with the PointsBet team to finalize the remaining acquisition particulars.&#8221; &#8220;This is a **crucial** juncture for FBG, propelling our expansion in the US legal online sports betting, prepaid deposit betting, and online gambling markets.&#8221;<\/p>\n<p>The representative further stated, &#8220;We will divulge more specifics in the upcoming weeks regarding how the acquisition of PointsBet&#8217;s US operations will realize our distinct vision for FBG, subject to approval from regulatory bodies in the states where PointsBet functions.&#8221;<\/p>\n<p>**Addressing Ambiguity**<\/p>\n<p>Prior to today&#8217;s vote, PointsBet Chairman Brett Paton elucidated to investors the rationale behind divesting the US operations.<\/p>\n<p>Paton indicated that despite PointsBet&#8217;s strategic triumph in the US, the expense of vying with prominent brands implied that the business would not generate revenue in the immediate future.<\/p>\n<p>Paton stated, &#8220;Persisting to operate the US business would necessitate substantial capital and additional funding.&#8221; &#8220;This transaction eliminates that uncertainty.&#8221;<\/p>\n<p>That being said, numerous well-known brands with extensive databases have also encountered difficulties. One of them has already expended approximately $2. <\/p>\n<p>Although PointsBet possesses a powerful brand and a vast collection of data, their online venture has poured in a hefty $5 billion and still only commands a small portion of the market. Other online players have also struggled to gain traction, with many businesses closing their doors.<\/p>\n<p>While PointsBet has been a competitor in the American market, particularly utilizing their technology to deliver a top-tier sports betting experience, their capacity to reach significant size and maintain stable operations has been tested.<\/p>\n<p>&#8220;We operate in a highly competitive environment and face constant financial pressure to fund the business until it becomes profitable,&#8221; the company stated.<\/p>\n<p>PointsBet will continue to operate in North America. The proposed sale agreement implies that PointsBet will keep their Canadian and Australian operations.<\/p>\n<p>Furthermore, PointsBet will retain ownership of their unique sports betting and online gambling platform, currently employed in the Australian and North American markets.<\/p>\n<p>&#8220;We will have a permanent, royalty-free license to use and further develop the Banach technology assets, including the underlying code that drives OddsFactory,&#8221; said Paton.<\/p>\n<p>&#8220;This will enable us to apply PointsBet&#8217;s proprietary sports betting and online gambling platform to other areas outside the US in the future, as well as in the US 18 months after the proposed sale is finalized.&#8221; <\/p>\n<p>The board believes that divesting the American operations is the most profitable course of action for investors, compared to alternatives such as maintaining the status quo.<\/p>\n<p>Subscribe to the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stockholders of PointsBet have decisively voted to sell their American operations to Fanatics Betting and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PointsBet Sold to Fanatics Betting and Gaming<\/title>\n<meta name=\"description\" content=\"PointsBet shareholders overwhelmingly approve sale of US operations to Fanatics Betting and Gaming. 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